Wednesday, August 25, 2010

Press Release.TRT OMNI EMERGES SUCCESSFUL BIDDERAfter four hours and 147 separate bids, TRT Omni was certified as the successful bidder in Monday's auction for Amelia Island Company with a bid of $67.1 MM. The back-up bidder was Starwood with a bid of $67.0 MM. Stalking horse Noble declined to increase its May bid of $47.4 MM. The successful bid must still be approved as part of Thursday's Confirmation Hearing in U.S. Federal Bankruptcy Court.

Bidding started at 3:00 pm in a completely full courtroom with Judge Paul Glenn conducting the auction. Bidding started at $48.5 MM.

Tuesday, August 24, 2010

By Mark Basch A company run by a Texas billionaire that owns the Omni Hotels chain won a bidding war Monday in U.S. Bankruptcy Court to buy the Amelia Island Plantation resort.

TRT Holdings Inc. had the winning bid of $67.1 million, more than $20 million higher than the original bid submitted for the property in May, to buy the resort. The bid is contingent on the Amelia Island Co.’s Chapter 11 bankruptcy reorganization plan getting approval at another court hearing on Thursday.

3003 Club Villa - $219,000Lowest Priced Unit on the PlantationWest side of Amelia Island Plantation Near the Golf Course and Intracoastal Waterway2 Bedroom & 2.5 BathRemodeled with hard wood floors.Picture is off the complex.

Two more investors have submitted bids to buy the resort to compete with Noble Investment Group, which submitted the initial bid for the property.

The resort's owner, the Amelia Island Co., filed a Chapter 11 bankruptcy reorganization plan in May centered around a $45.9 million buyout bid for the resort by a fund associated with Noble. Atlanta-based Noble operates 50 hotels in 13 states and said that it intends to spend additional money to upgrade the Plantation's facilities, which include a 249-room oceanfront hotel, conference center, nine restaurants and four golf courses.

However, Noble's agreement to buy the resort is subject to other investors submitting higher bids. The bids were due by Thursday and while no details about them have been filed in court, two companies are offering more than $45.9 million, said Gardner Davis, special counsel for the Amelia Island Co. in the bankruptcy proceedings.

Davis said he couldn't reveal details about those bids, but he said the two companies are "top-flight hotel and hospitality investors" that are willing to spend additional money on the resort.

"All three bidders are committed to enhancing and expanding the operations of the Plantation," Davis said. "This points to a very bright future for the residents and employees of the Plantation."

The three bidders will have the opportunity to increase their bids at the auction on Aug. 23 in U.S. Bankruptcy Court in Jacksonville, with the highest bidder that day getting the property. A hearing to confirm the company's reorganization plan is scheduled for Aug. 26, which would allow Amelia Island Co. to emerge from bankruptcy.

Amelia Island Co. said in a court filing this week that it is "imperative" to confirm the plan "without delay."

"The company does not have sufficient funds to carry it through the slower winter months, and its going concern value will be lost if it were forced to shut its doors," the filing said.

Sunday, August 8, 2010

Jacksonville, FL –Buyers Continue to VoiceConcerns over Job Security, Home Prices(3,320 single-family permits in 2009, 23rd largest market in the country)Traffic falls further; index reaches lowest level since November ’08. Buyer traffic fell again in July, as our traffic index fell to 18 from 21 in June, pointing to traffic remaining below agents’ expectations (readings below 50). Agents cited the decreased consumer confidence and buyers’ concerns over their future employment prospects. According to those surveyed, buyers were not only worried about the security of their jobs, but also the security of the market. One agent highlighted that buyers expect “further price declines before the true recovery begins”. Another mentioned that buyers have become increasingly nervous since the tax credit expired.

This is similar to commentary from our June survey, in which buyers were concerned over the economy and agents felt the tax credit pulled buyers away from the summer by condensing demand into the February-April timeframe. Home prices continue fall, but inventories remain stable. Home prices continued to face pressure in July. Our home price index came in at 25 (from 21 in June), pointing to lower prices over the last 30 days (readings below 50). Meanwhile, our home listings index pointed to stable inventory levels for the month of July, improving to 54 from 36 in June, inline with a neutral reading of 50 (readings of 50 suggest unchanged inventories). We believe that the stable inventory reading is a positive indicator for future pricing, but remain concerned over the potential level of shadow foreclosure inventory held by banks.

Home sellers have spoken in J.D. Power and Associates' 2010 Home Buyer/Seller Study, released last week: Prudential Real Estate ranked "Highest Overall Satisfaction for Home Sellers among National Full Service Real Estate Firms."

Prudential Real Estate and Relocation Services secured full marketing rights for the study and for the Network's favorable ranking. It will promote this distinction through national advertising and other media, including a J.D. Power and Associates' micro-site with exclusive marketing materials and comparative analysis showing our position in relation to competitors.